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Spirit leads £19.1m Enpure Management buy-out
5 December 2006
Spirit Capital (“Spirit” formerly AAMPE*) is pleased to announce the £19.1m management buy-out of Enpure Limited#, the process engineering specialist, from AWG Plc.
Based in Kidderminster, Enpure is a leading process engineering, technology and project management company serving the water and environmental sectors. The company has a long established track record in the water industry and has recently successfully targeted the growing need for engineered solutions in the municipal solid waste treatment market. The company employs in excess of 200 staff and is forecast to turnover £42m for the year to March 2007.
Spirit and the management team provided the equity funding with Bank of Ireland providing a debt package including senior, working capital and bond facilities. The Enpure management team is led by Managing Director Malcolm Wilkinson who joined the business in 1989 and was appointed to his current role in 2000.
Francesco Santinon, Joe Wiley and Craig Hopwood handled the deal on behalf of Spirit Capital with the former joining the Enpure board. Spirit plans to appoint a non-executive director in due course.
Malcolm Wilkinson, Managing Director of Enpure, commented: “We are delighted that Spirit Capital has supported us in acquiring the business from AWG Plc. We believe that this represents a significant opportunity for the management to take our business forward both in the water industry, where we have a significant track record and also to develop our offering in other sectors, in particular in municipal solid waste. We believe that the backing of Spirit Capital provides a springboard for greater growth.”
Francesco Santinon, Managing Partner at Spirit Capital, commented: “We believe that the water and waste management sector represents significant opportunities and Enpure is extremely well positioned to take advantage of theses. We are also delighted to be working with an established management team who recognised the chance to acquire its business and have been very impressive partners throughout the deal.”
Notes
*Prior to September 2008 Spirit Capital was previously known as Aberdeen Asset Managers Private Equity/ AAMPE
# Enpure changed its name in November 2006 from Purac Limited